Quality Management - AASB

Date recorded:

At its meeting on November 30/December 1, 2020, the AASB discussed Canadian specific issues related to the adoption of International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, as Canadian Standard on Quality Management (CSQM) 1.Key issues discussed included: (i) the scope and effective date of CSQM 1; and (ii) the different forms of implementation guidance that can be developed to address implementation challenges. The AASB expects to approve final CSQM 1, CSQM 2, Engagement Quality Reviews, and CAS 220 (Revised), Quality Management for an Audit of Financial Statements, at its January 2021 meeting.

Review the Executive Summary on the AASB's Web site.

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